After a week of some all time highs we’ve seen market correction (and perhaps some panic selling!). However, in the subsequent days we saw the sell off, the rebound, stabilization and incoming volume to push it up to new highs. (We’d also like to note that corrections are healthy for the market, and they create perfect buying opportunities, especially for long term investments.) As we mentioned before, the upcoming hard fork is creating a volatile situation, and we’ll be watching closely. Let’s take a look at the weekly charts!
After hitting an all time high near $5,826, we saw some strong selling pressure and most likely heavy profit taking followed by a pinch of panic selling. The break of the bullish trend line indicated a short term sell. However, price hit a solid support at $5,144 (with our buy signal triggered at $5,430). Price consolidated in the $5,600 to $5,750 region before exploding on HIGH volume to make new highs again. Needless to say we are bullish here. With new interest, media coverage and new highs being made, we anticipate the momentum will continue.
Levels of Support: $5,950 and $5,726
Levels of Resistance: $6,144 and ?
After it’s nice move, ETH too fell from highs after failing to break through that $350 area we noted last week. The double top pattern kept us on watch, with the sell signal coming after the trend line failed to act as support. Since then we’ve seen it steadily falling and finding support at the $290 mark and consolidating in the $290-$312 mark.For us, our buy signal has not been triggered, as we want to see price break $312 to hop back in.
Levels of Support: $295
Levels of Resistance: $312, $321 and $335
After topping out at $68 last week on the 15th, LTC took a steep tumble down, triggering our sell signal at $66 after breaking trend. It found support at $53, and has since rebounded, with price currently sitting around the $58 area. While a buy signal technically was triggered around the $56 dollar mark, we would prefer to see price break $60 to confirm reversal.
Levels of Support: $57 and $55
Levels of Resistance: $59 and $62
Strange week for BCH. On high volume our buy signal was triggered around $320. Price exploding, popping up to top out at $390. Our sell triggered was triggered at $357 after it failed to follow the new trend line and made a lower low/high. It was unable to sustain it’s momentum here, falling almost exactly to where it began before the pump. Not much else to report. The price jump was nice for a scalp, but we remain bearish on BCH.
Levels of Support: $318 and $308
Levels of Resistance: $327 and $340
XRP investors looking for good news at the Swell Conference appear to be disappointed. After making a great move before the Oct. 16th conference price has steadily declined the in days since and our sell trigger went off in the $.26 area. We currently see this falling down a bit further and we’ll be watching the long term trend line to see it act as support: if so, it will be a solid indicator that the price is still bullish…however, if trend fails to hold price will continue to fall.
Levels of Support: $.195 and $.1788
Levels of Resistance: $.205 and $.225
The above references an opinion and is for information and educational purposes only. It is not intended to be investment advice.